As a large mortgage specialist I am often contacted by clients looking for advice on the right million pound mortgage for them. I was approached by a husband and wife who wanted to buy a large residential property for £1.6 million. They wanted to borrow 70% loan to value which worked out as £1.12 million with the deposit coming from their own resource and needed a Million Pound Mortgage With Various Income Sources.
Having approached their own bank they felt the terms they were being offered were very uncompetitive and that they could potentially access a better deal through us.
As well as completing on a £1.6 million property my clients also wanted to retain their existing home. This home was valued at £950,000 and they had an outstanding mortgage of £570,000 on it.
My challenge was to find a lender who was prepared to agree the new facility based on the client’s income while taking the existing mortgage commitment into account.
Because of the changes that came about in 2014 by the City Regulator’s Mortgage Market Review that insists on affordability based mortgage lending, this was going to be a challenge.